Impinj (NASDAQ:PI) Stock Price Down 13.2% – Here’s What Happened

Impinj, Inc. (NASDAQ:PI) dropped 13.2% during mid-day trading on Thursday . The stock traded as low as $67.81 and last traded at $67.04. Approximately 243,611 shares changed hands during trading, a decline of 57% from the average daily volume of 569,349 shares. The stock had previously closed at $77.24.

Analyst Ratings Changes

A number of analysts have commented on PI shares. Piper Sandler cut their price objective on shares of Impinj from $235.00 to $140.00 and set an “overweight” rating for the company in a report on Thursday, February 6th. The Goldman Sachs Group reduced their price objective on Impinj from $200.00 to $132.00 and set a “neutral” rating on the stock in a research report on Thursday, February 6th. StockNews.com cut Impinj from a “hold” rating to a “sell” rating in a report on Friday, January 24th. Needham & Company LLC reduced their price target on Impinj from $182.00 to $130.00 and set a “buy” rating on the stock in a report on Thursday, February 6th. Finally, Cantor Fitzgerald upgraded Impinj to a “strong-buy” rating in a report on Thursday, February 27th. One analyst has rated the stock with a sell rating, one has assigned a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $183.44.

Impinj Stock Down 14.5 %

The business’s fifty day moving average is $94.18 and its two-hundred day moving average is $149.12. The stock has a market cap of $1.89 billion, a price-to-earnings ratio of 48.58 and a beta of 1.74.

Impinj (NASDAQ:PI) last released its earnings results on Wednesday, February 5th. The company reported ($0.01) EPS for the quarter, missing the consensus estimate of $0.48 by ($0.49). Impinj had a return on equity of 7.11% and a net margin of 11.15%. As a group, sell-side analysts expect that Impinj, Inc. will post -0.47 earnings per share for the current year.

Insider Activity at Impinj

In other Impinj news, CEO Chris Ph.D. Diorio sold 841 shares of the firm’s stock in a transaction that occurred on Monday, January 13th. The shares were sold at an average price of $141.02, for a total transaction of $118,597.82. Following the sale, the chief executive officer now owns 333,856 shares of the company’s stock, valued at approximately $47,080,373.12. This trade represents a 0.25 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CRO Jeffrey Dossett sold 378 shares of the business’s stock in a transaction that occurred on Monday, January 13th. The stock was sold at an average price of $141.05, for a total transaction of $53,316.90. Following the sale, the executive now owns 67,052 shares of the company’s stock, valued at $9,457,684.60. This represents a 0.56 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 18,704 shares of company stock valued at $1,925,748 over the last 90 days. 51.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Impinj

Several hedge funds have recently made changes to their positions in the company. Canada Pension Plan Investment Board acquired a new stake in shares of Impinj in the 4th quarter valued at about $29,000. National Bank of Canada FI acquired a new stake in shares of Impinj in the third quarter valued at approximately $30,000. SBI Securities Co. Ltd. purchased a new position in shares of Impinj during the fourth quarter worth approximately $33,000. Jones Financial Companies Lllp increased its holdings in shares of Impinj by 205.9% in the 4th quarter. Jones Financial Companies Lllp now owns 260 shares of the company’s stock valued at $38,000 after acquiring an additional 175 shares during the period. Finally, IFP Advisors Inc raised its position in Impinj by 116.5% in the 4th quarter. IFP Advisors Inc now owns 368 shares of the company’s stock valued at $53,000 after purchasing an additional 198 shares during the last quarter.

Impinj Company Profile

Impinj, Inc operates a cloud connectivity platform in the Americas, the Asia Pacific, Europe, the Middle East, and Africa. Its platform wirelessly connects items and delivers data about the connected items to business and consumer applications. The company’s platform comprises endpoint ICs, a miniature radios-on-a-chip that attaches to a host item and includes a number to identify the item.